CENVAT Credit
This query is : Resolved
11 May 2010
As CENVAT Credit of Service tax on Input Service is available after payment of Service Value and Tax thereon.
There are some of expenses due but not paid as on 31.03.10 (As we follow accrual accounting). In this case how to take credit of Service tax in 2009-10 as payment has not been made. Should we book expense including service tax in 2009-10 and reverse expense next year while taking CENVAT Credit or there should be some other accounting treatment.
Pl help....
There are some of expenses due but not paid as on 31.03.10 (As we follow accrual accounting). In this case how to take credit of Service tax in 2009-10 as payment has not been made. Should we book expense including service tax in 2009-10 and reverse expense next year while taking CENVAT Credit or there should be some other accounting treatment.
Pl help....
11 May 2010
You should not claim expense for the tax that you wish to claim as Cenvat Credit.
The unpaid tax can be shown under a separate Account styled "Cenvat Suspense Account".
The unpaid tax can be shown under a separate Account styled "Cenvat Suspense Account".
11 May 2010
You have to stand service tax amount on such expense in account " Service Tax to be Availed A/c " . When you will paid this expense. then you will availed this amount .
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